Christmas Brings GBP1.2bn of Broken Toys

More than a third (37 per cent) of Christmas toys and presents don’t make it past the end of January, according to research from leading Child Trust Fund provider, The Children’s Mutual. It found that a staggering £1.2bn is wasted each year, by family and friends buying gifts that get broken or discarded long before we give up on our New Year’s resolutions.

According to its research, excluding those from their immediate family, children wake up on Christmas morning to find an average of 16 presents wrapped up under the tree and £76 in cash – with a total of £316 spent per child in the UK. The Children’s Mutual is urging friends and family to think about saving some of that money into long-term savings to deliver a Christmas gift that could last a lifetime.

David White, Chief Executive of The Children’s Mutual, said: “At Christmas time, youngsters benefit from huge generosity from friends and family but if just a little was saved every year, it could grow into a far bigger present on their 18th birthday. We have calculated that if the average amount of cash given each year was saved into a Child Trust Fund account, it could bolster their savings pot by £2340 excluding any government contributions.”

And according to the data, some families are already catching onto this new Christmas gift trend. The Children's Mutual recorded a 75 per cent uplift in lump sum payments around Christmas last year. The research supported this showing a fifth (19 per cent) of parents put all of the money their children receive into saving accounts for the future, while four in 10 (40 per cent) balance the demands of their children with thoughts of the future, by putting some into savings and letting their children spend the rest.

Mr White said: “According to our research, more than half (53 per cent) the toys given to children at Christmas do not last until Easter because they are broken or discarded for new favourites. By saving some Christmas money into a Child Trust Fund account, children could benefit from a present that lasts a lifetime.”

The most generous family and friends are from the East Midlands where more than a quarter (27 per cent) of children receives over £150 in cash for Christmas. Children in Scotland also have very generous family and friends with one in five (21 per cent) receiving over £150 in cash from family and friends over. Parents of children in London and Wales are more likely (over 25 per cent) to put all of the money their children receive into savings for the future.

The Children’s Mutual has created an online calculator to help parents of young children work out how much they might wish to save for the future:
www.thechildrensmutual.co.uk/ctfcalculator

The Children's Mutual is the choice of 1 in 5 parents for their child's Child Trust Fund (CTF) account

We were named the UK's Best Child Trust Fund Provider 2008, 2007 and 2006

The Children's Mutual, as experts in savings for children, made a significant contribution to the Government's Child Trust Fund (CTF) consultation process

The Children's Mutual
Tunbridge Wells, Kent
Katie Donlan / Joe Laing
TEL: 020 7781 2376 / 2365
http://www.thechildrensmutual.co.uk/

This release was published on openPR.